date:Apr 24, 2014
OAO Magnit, one of the worlds most-profitable retailers, reported the first quarterly margin decline in a year as the Russian grocer used price cuts to gain shoppers in new regions including Moscow.
Magnit made active price investments in regions that also included St. Petersburg, the Urals and western Siberia, Sergey Galitskiy, the companys billionaire chief executive officer, said in a statement today.
Earnings before interest, taxes, depreciation and amortization narrowed to 9.1% of sales